Ex-Wirehouse Advisor Spilled the Beans in NCAA Bribery Case

Acting U.S. Attorney for the Southern District of New York Joon H. Kim speaks during a press conference to announce charges of fraud and corruption in college basketball. (Photo by Kevin Hagen/Getty Images)

Louis Martin “Marty” Blazer III, a former financial advisor barred last year for allegedly stealing more than $2 million from professional athletes and other high net worth investors, was a key cooperating witness in bringing down a college basketball bribery ring, a spokeswoman at the U.S. Attorney’s Office for the Southern District of New York confirmed.

Blazer, who in August was ordered to pay more than $2 million in fines and disgorgement, provided key information used in criminal complaints brought Tuesday against four Division I college basketball coaches, a Princeton, NJ, financial advisor, an Adidas executive and four other individuals. The coaches allegedly took bribes from Blazer and financial advisor Munish Sood in exchange for directing players to use their services.

Blazer, who founded a Pittsburgh-based registered investment adviser Blazer Investment Advisors in 2008 after a brokerage career that included 13 years at Smith Barney and three at Merrill Lynch, last week pled guilty to wire fraud, securities fraud and identity theft in the NCAA case. His lawyer, Martin A. Dietz, declined to comment.

According to federal prosecutors, Blazer paid $91,000 in 2016 and 2017 to Chuck Person, an , and worked with Sood on bribes to coaches of other top college teams.

Sood, head of Princeton Advisory Group, Princeton Advisory Wealth Management and broker-dealer Cross Point Capital, has posted a $100,000 bail. His attorney, Thomas Souther, did not immediately return a call for comment. Princeton Advisory Group had $580 million in assets under management according to its most recent ADV while Princeton Wealth Management oversees $6 million.

He faces up to 200 years in prison for seven counts of bribery, conspiracy, wire fraud and other charges, according to the U.S. Attorney’s announcement.